Compare/Updated Oct 26, 2026, refreshed every trading day
SPY vs SPYG
State Street SPDR S&P 500 ETF against State Street SPDR Portfolio S&P 500 Growth ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
SPYG did better over the period: $1,000 invested on October 28, 2022 grew to $2,306, compared with $2,052 for SPY. Its total return was 130.6% versus 105.2%, a 25.4-point advantage, driven by stronger growth-stock performance. However, SPYG carried meaningfully greater risk: 18.5% volatility versus 12.7% for SPY, and a worst drawdown of -22.1% versus -18.8%. SPY therefore delivered lower returns but a smoother ride and broader S&P 500 exposure. The funds were highly correlated, with a 0.958 correlation of daily moves, so SPYG was not a fundamentally different market exposure—rather, it amplified growth-stock positioning. SPYG also had the lower expense ratio, 0.04% versus 0.09%, while SPY was substantially larger at $809B in assets versus $55B.
- Price is above its 200-day average ($725); 50-day at $767.
- RSI 42, neutral. Supertrend says sell. ADX 14, so the trend is weak.
- Price is above its 200-day average ($114); 50-day at $122.
- RSI 35, neutral. Supertrend says sell. ADX 23, so the trend is developing.
Head to head
Which has returned more, SPY or SPYG?
SPY beat SPYG in 25 of the last 48 months; SPYG won the other 23. The typical monthly gap was 1.10 points.
Total return by period
Which is riskier?
Both: Feb 19, 2025 to Apr 8, 2025
- 0.958
- correlation of daily moves, 4 years
- 0.76
- SPY move per 1% in SPYG
- 0.952
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 1.10 points.
When did they diverge?
| Month | SPY | SPYG | Gap |
|---|---|---|---|
| April 2026 | +10.5% | +14.8% | -4.29 pts |
| October 2026 | -0.3% | -4.0% | +3.70 pts |
| June 2024 | +3.5% | +7.0% | -3.47 pts |
| December 2024 | -2.4% | +0.8% | -3.23 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with SPY and SPYG?
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